REGISTERED COMPANY NUMBER.. 004018161En£land and Wales)
REGISTERED CHARrrY NUMBER: 312168
TRusfEES' REPORT AND
FINANaAL STATEMENT5
FOR THE YEAR ENDED 31 DECEMBER 2024
FOR
THE POUSH INSTITUTE ANO SIKORSKI MUSEUM
IA COMPANY UMITED BY GUARANTEE)
MGR Weston Kay LLP
Statutory Auditors
55 Loudoun Road
St John's Wood
London
NW8 ODL

THE POLISH INSTITLrrE AND SIKORSKI MUSEUM
copirENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page
Reference and Admlnlstratlve Detalls
Chalrman's Report
Trustees, Report
Statement of Trustee5' Responslbllltles
Report of the Independent Audltors
8 to 11
Statement of Financlal Artlvltles
12
Balance Sheet
13
Cash Flow Statement
14
Notes to the Cash Flow Statement
15
Notes to the Flnanclal Statements
16 to 26

THE POLISH INSTITUTE AND SIKORSKI MUSEUM
REFERENCE ANO ADMINisfRATIVE DETAILS
FOR THE YEAR ENDED 31 OECEMBER 2024
TRUSTEES
M Wojcik (appointed 8.4.2024)
L Lasocki
D Bildziuk
B Gabriel
J Korwin-szymanowski
C Nowakowski
A W Nosalik
G A Gudiens Ireslgned 15.1.20251
T Kaczmarska Ire51gned 24.11.20241
REGISTERED OFFICE
20 Prlnces Gate
London
SW7 IPT
REGISTERÉD COMPANY NUMBER
00401816 (England and Wales)
REGISTERED CHARITY NUMBER
312168
INDEPENDENT AUDITORS
MGR Weston Kay LLP
Statutory Auditors
55 Loudoun Road
Stjohn's Wood
London
NW8 ODL
BANKERS
CAF Bank Limited
25 King5 Hill Avenue
King5 Hill
West Mallin8
Kent
ME19 4QJ
Bank Santander
Oddzial 64 w Warszawie
UL. Ludwika Kondratowucza 35
Poland
03-285
BANKERS
Barclays Bank UK PLC
I Churchill place
London
W14 5HP
Page I

THE POLISH INSTITUTE AND SIKORSKI MUSEUM
CHAIRMAN'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
In the planning of activitie5 for the reportin8 year, the Board of Trustees considered the Charity Commission's general
guidance on public benefTt. The Trustees consider it to be in the public benefit to promote educatSon and increase
awareness of Polish history and culture in the UK and beyond.
In 2024 there were several anniversaries and commemorations, which are an excellent platform to increase
awarene55 and educate through The Archive5, The Museum and the Polish Underground Movement Study Trust. An
exhibition to mark the 80th anniversarie5 of D Day, Monte Cassino, the Warsaw Uprising, Falaise and Arnhem was
shown In the Institute.
In August, the Polish Underground Movement Study Trust organised an exhibition at Bush House, Strand, in
partnership wlth the respected Klng's College, London. entltled 'War5aw Calling, commemorating the 80th anniversary
of the Warsaw Uprising. The exhibition was also held at the Polish Social and Cultural A5SOClation IPOSKI,
Hammersmith.
It was agreed the exhlbltlon should speak to a wide audience, reach out to the British public and be in a contemporary
format. Rather than telling the story of the politico-military aspects of the battle and AK leadership, the exhibition
would focus mainly on the experience of the clvilian population. The voice5 of a variety of participants were to be
heard, Wlth current conflicts in Ukrainian and MSddle Eastern confllcts. the battle of Warsaw should be present as an
example of war, and Smpact to its population. We achieved our oblective of presentlng the Uprising from a diverse
and civic standpoint, and plan future collaborations With our partner. We developed a new website,
www.warsaw1944.uk, which will be used to promote awareness of the uprising, and support future exhibitions
All the above departments contlnued to draw researchers, authors, fllm makers, journalists as well as general vlsltors.
The toplcs investigated were many and varled generally in the political and mllltary fTelds but as ever there wa5 a
strong interest in family research.
Contact5 were malntalned wlth other Institutions of a slmilar proflle both In the Unlted Klngdom as well as abroad In
most cases the institute was able to furnish requested informatlon speedily and in some cases was able to loan
appropriate materials and exhibits. The instltute was visited by the conserv3tionist5 from Polonika and the Museum of
the Second World War from Gdansk with a vlew of worklng together. Our Keeper and Deputy of Archives have
represented the Instltute at several academic conferences In London and abroad, havlng been requested to present
papers. The Film Archivist also gave lectures wlth film footage at several conferences.
No doubt one of the rnost important aspects of the institute's work15 the pre5ervatlon of its collectlons but archive
and museum the everyday work of scanning and preservation of docurnent5 and photographs located in all
departments continues both in-house and with a 5oeciali5t firm. Work suGh 45 cataloguing and maintenance of other
Museum exhibits in continuing.
The boord continues to apply to the Polish Mln15try of Culture for grant under the so-called WABIM prolect. In 2024
the funds were used for the development, safeguardlng, digitization and popularizing the archival and museum
holdings. Two books were published.. CatalDgue of Unlform5 in the collection5 of P15M and General Wladyslaw
Sikor5kl's Vlslt to Mexico in 1942.
In April the Institute hosted a reception to commemorate the 80th anniversary of the Battle of Monte Ca55ino Guests
included our new Patron. The Earl of St. Andrews and HE Anna Maria Anders. The Polish Amba5sèdor HE Prof. Piotr
Wilczek, The Consul General, the Defence Attaches and staff from the Polish Embassy and Consulate have been
frequent guest5 at the Institute. Vi51t5 were also made by the Lord Mayor of Westminstor, The Mayor of Kensington
and Chelsea and Chelsea Pensioner5. In December a Christma5 reception for members, Staff and volunteers was held.
The number of vlslts by Pollsh Schools have increased and the educational plan in partnership with the Volish
Educational Society ha5 been very successful and positive.
The institute's rental properties continue to bring in an income. The major item of buildin8 work in 2024 was the
renovation of the rear balcony of 20 Princes Gate.
Page 2

THE POLISH INSTITUTE AND SIKORSKI MUSEUM
CHAIRMAN'S REPORT
FOR THE YEAR ENDED31 DECEMBER 2024
As mentloned in previous years, a small core of salarled staff is employed by the Instltute, There a￿ also dedlcated
volunteers which brlng wlth them a varlety of skllls. It Is pleasing to note that the Instltute appears to attract further
volunteers durlng the year.
The appreclatlon of the Institute's work and of course It's staff and volunteers are reflected In the on£olng recelpts of
donation5 and legacles, as well as positlve entrles In the Instltute's vlsltors, book.
I should Ilke to convey the thanks of the Trustees to all the Instltute's staff, espetlally the Archlve staff and volunteers
for thelr dedlcatlon, enthusla5m and hard work over the past year, across our two slte5,
We also remember wlth sadness those members and volunteers who are no lon8er wlth u5.
D. Blldzluk
For and on behalf of the Board
4 September2025
Page 3

THE POLISH INSTITUTE AND SIKORSKI MUSEUM
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The trustee5 who are a150 directors of the charity for the purposes of the Companies Act 2006, present thelr report
with the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the
provisions of Accounting and Reporting by Charitie5: Statement of Recommended Practice applicable to charitie5
preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of
Ireland IFRS 1021 (effective l January 20191.
OBJEcfivES AND AcfiviTIES
Objectlve5 and aims
To collect, preserve and interpret through the material evidence of Poland'5 past, especially that connected with the
activltles of the Polish Government-In-Exile and it'5 Armed Forces 1939-45, for the public benefit, education and
enjoyment.
To care for the existing callections relating to Poland's history, principally the work Df the Polish Government-in-Exile
and it's Armed force5 1939-45.
To collect, preserve and interpret through the materlal evldence of Poland's past, especially that connected with the
actlvltles of the Polish Government-in-Exile and it's Armed Forces 193945, for the public benefit, education and
enjoyment.
To care for the existing collectlons relatin8 to Poland's history, prlncipally the work of the Polish Government-in-Exile
and It's Armed forces 193945.
To make provision for future collections whlch may be bequeathed by other institutions as well as by Indlvidual
member5 of the publlc.
Provlde perrnanent and temporary exhibStlons and event5 in a variety of dlsclpllnes for the informatlon and
education of visitors.
To work with others to record, protect and enhance the achlevements of the Polish Community in the United
Kingdom.
To provlde a high.quality education resource.
Making the Institute and its activitles accessible to all sections of the communitv.
Encourage a dedicated workforce who cares about Polish heritage in the United Kingdom and its British contacts.
- To increase, by various means, the number of visitors and researchers to the Institute.
To expand resources available to the Institute. with specific reference to staff and financial resources.
The full objects appear in the Memorandum and Artlcles of Association.
The Members of Council have had regard to Charity Commission's general guidance on public benefit when reviewing
the aims, objectives and activities of the Charity.
The Members of Council have paid due regard to guidance issued by the Charity Commission in deciding what
attlvltles rho Insrlrute should undertake.
STIiATEGIC REPORT
Achievements and pertormance
Details of the achievements of the chority during the year are shown above in the Chairman'5 Report
Page 4

THE POLISH INSTITUTE AND SIKORSKI MUSEUM
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
STRATEGIC REPORT
Financial revlew
The charity's incoming resources from charitable activities increased by Il% and donations and legacies have
increased by 344% in the year under review, due to a one-off donation.
The total resources expended have increased by 16%. This includes the costs of generating funds which have
increased by 18% and the cost of charitable activities have increased by 15%.
There were net losses on investments of £102,451.
In the opinlon of the Members of Councll, the charlty Is In a strong posltlon at the year end with unrestrlcted fund
balance of £9,284,749,
It is the policy of the Institute that unrestricted funds which have not been de518n3ted for a speclfic use should be
maintained at a level equivalent to between three and six month's expenditure. The Member5 of Council consider that
reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the
Institute's current actlvities whlle consideratlon15 given to way5 in which additional funds May be raised. This level of
reserve5 ha5 been maintained throughout the year.
The Trustees conslder that, at the date of signing the report, the charity Is a going concern, based on their review of
exlstlng funds and expected cash flow.
The Members of Council are aware of the charlty's future financial needs and alm to secure the long term flnanclal
stablllty of the charlty. They have a low to medlum attStude to rlsk and have invested in income producing properties,
a portfolio of FTSE 100 investment5 and retain liquid funds on deposit to ensure that they can meet the charity's short
and medlum term cash flow requirements. The charity has a normal level of exposure to price. Ilquldlty and cash flow
risk.
The Members of Council ha5 a55e55ed the major risks to which the Institute is exposed, and are sat15fied that 5yStem5
are in place to mltiEate exposure to these.
There are no slgnlflcant future changes planned and the Trustees look forward to a similar level of activity In the next
flnanclal year.
Page 5

THE POUSH INSTITUTE AND SIKORSKI MUSEUM
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Pollsh Instltute and Sikorskl Museum was established by a Trust Deed and is a company Ilmlted by guarantee wlth
no share5. The Instltutels governed by a Councll conslstlng of a rnaxlmum of 24 Full Mernber5. Each year one flfth of
the longest servln8 Councll member5 retlre but belng eliglble, affer themselves for re.electlon at the Annual General
Meetlng. The charlty Is managed day-to-day by the Chalmian, the Treasurer, the Vlce Chalrman and the rest of the
Board who meet on average every SIM weeks.
The Members of Councll, who are also the dlrettors for the purpose of company law, and who Served durlng the year
and up to the date of slgnature of the flnanclal statements were..
M Wolclk lappolnted 8 Aprll 20241
L Lasockl
D Blldzluk
B Gabrlel
J T Korwin Szyrnanowskl
K Nowakowskl
A W Nosallk
G A Gudlens Ireslgned 15 January 20251
T Kaczmarska Ireslgned 24 November 20241
The Trustees can appolnt full members In a¢¢ordance wlth the Artlcles of Assoclatlon. New Trustees are proposed
from the full members based on thelr experlence and the skllls they can contrlbute to the charlty. The exlstlng
Trustees wlll revlew these candldates, names and CV'S. If successful, the candldates wlll be proposed for appolntment
at a Trustees me8tlng and subsequently confirmed at the AGM.
New Trustees follow an Inductlon proce55. The charlty's key management personnel Ithe Trustees) do not recelve
remuneratlon or other benefits for thelr work wlth the charlty.
The ¢harltles key management per50nnel do not recelve remuneratlon or other beneflt from thelr work wlth the
charlty.
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the tru5tee5 are aware, there15 no relevant Informatlon {as defined by Sectlon 418 of the Companles Act
20061 of which the charltable company'a audltors are unaware, and each trustee ha5 taken all the Steps that they
ought to have taken as a trustee In order to make them aware of any audlt Informatlon and to estab115h that the
charltable company's audltors are aware of that Informatlon.
Trustees, repo¢ Incorporatlng a strateglc report, approved by order of the board of trustees, a5 the company
dlrectors, on 4 September 2025 and slgned on the board's behalf by:
D Blldzluk- Trustee
Page 6

THE POLISH INSTITUTE AND 51KORSKI MUSEUM
STATEMENT OF TRUSTEES, RESPONSIBILITIE5
FOR THE YEAR ENDED 31 DECEMBER 2024
The Members of Cotsncil. who are also the directors of The Polish Institute and Sikorski Museum for the purpose of
company law, are re5pDnsible for preparing the Chairman's And Trustees, Report and the financial statements in
accordance with applicable law ond Unlted Kingdorn Accounting Standard5 (United Kingdom Generally Accepted
Accountin8 Practice).
Company Law requires the Members of Council to prepare financial Statements for each financial year which give
true and fair view of the state of affairs of the Institute and of the incomlng resource5 and applicatlon of resources,
Includlng the income and expenditure, of the charitable company for that year.
In preparlng these financial statements, the Members of Council are requlred to:
select suitable accounting policies and then apply them consistently;
ObSe￿e the methods and principles in the Charltles SORP;
make judgements and estimates that are reasonable and prudent; and
prepare the flnancial statements on the going concern basls unless It Is InapproprSate to presume that the InstStute
will contlnue Sn operatlon.
The Members of Councll are responsible for keeping adequate accountlng records that dSsclose wlth reasonable
accuracy at any tlme the financlal position of the Institute and enable them to ensure that the flnancial statements
comply wlth the Companies Act 2006. They are also responsible for safeguarding the assets of the Institute and hence
for taklng reasonable steps for the prevention and detection of fraud and other Irregularltles.
Page 7

REPORTOF THE INDEPENDENT AUDITORS TOTHE MEMBERS OF
THE POLISH INSTITUTE AND SIKORSKI MUSEUM
Opinion
We have audited the financial statements of The Polish Institute And Sikorski Museum Ithe 'charitable company'l for
the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash
Flow Statement and note5 to the firsancial statements. including a summary of significant accounting policies. The
financial reporting framework that has been applied in their preparation is applicable law and United Kingdom
Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements.,
give a true and fair view of the state of the charitable company's affairs as at 31 December 2024 and of its incoming
resources and application of resources, Including its Income and expenditure, for the yeor then ended,.
have been properly prepared In accordance with United Kingdom Generally Accepted Accounting Practice,, and
have been prepared in accordance with the requirements of the Companies Act 2006.
8asls for opinion
We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law.
Our respon5iblllties under those standards are further descrlbed in the Auditors, responsibilities for the audlt of the
flnancial 5tatement5 5ectlon of our report. We are independent of the charitable company in accordance wlth the
ethical requirements that are relevant to our audit of the financial statement5 in the UK, including the FRC's Ethical
Standard, and we have fulfilled our other ethical responsibilities in accordance wlth these requirernents. We believe
that the audit evidence we have obtained is sufficient and approprlate to provlde a ba515 for our opinion.
Concluslons relatln8 to 8oln8 concern
In auditin8 the financial statements, we have concluded that the trustees, use of the going concern basis of accounting
In the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertalnties relating to events or
condltlons that, Indivldually or collectlvely, may cast slgnlflcant doubt on the charitable company's ability to continue
as 3 golng concern for a perlod of at least twelve months from when the financial statements are authorised for Issue.
Our responsibilitles and the responsibilities of the trustees with respect to going concern are described In the relevant
section5 of this report.
Other Informatlon
The trustees are re5pon5ible for the other information. The other information comprlses the Information included in
the Annual Report. other than the flnancial statements and our Report of the Independent Auditor5 thereon.
Our oplnlon on the flnanclal statements does not cover the other Infonnation and, except to the extent otherwlse
explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connectlon with our audit of the financlal statements, our responsibility Is to read the other information and, in
dolng so, conslder whether the other Information Is materially Inconsistent wlth the fTnancial statements or our
knowledge obtained in the audit or otherwise appear5 to be materlally m155tated. If we identify such material
incon515tencies or apparent material mlsstatements, we are required to determine whether this gives rise to
material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude
that there 15 a material misstatement of this Other information. we are requlred to report that fact. We have nothing
to report in thls regard.
Oplnlons on other matters prescrlbed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit..
the information given in the Trustees, Report for the financial year for which the financial statements are prepared
Is conslgtent wlth the flnanclal statements. and
the Trustees, Report has been prepared in accordance with applicable legal requirement5.
Page 8

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THE POLISH INSTITUTE AND SIKORSKI MUSEUM
Matters on which we are required to report by exceptlon
In the light of the knowledge and understanding of the charitable company and its environment obtalned In the
course of the audit, we have not identified material misstatements in the Trustees, Report.
We have nothing to report in respect of the following matters where the Companies Act 2￿6 requires us to report to
you if, in our opinion:
adequate accounting records have not been kept or returns adequate for our audit have not been received from
branches not visited by us: or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of trustees, remuneration specified by law are not made,. or
we have not received all the Information and explanations we require for our audlt.
Responslbilltles of trustees
As explained more fully in the Statement of Trustees, Responsibilities, the trustees (who are also the dlrectors of the
charitable company for the purp05e5 of company lawl are responsible for the preparatlon of the financial statements
and for being satisfied that they give a true and falr view, and for such Internal control as the trustees determine is
necessary to enable the preparation of financlal statements that are free from material misstatement, whether due to
fraud or error.
In preparlng the financial 5tatement5. the trustees are responsible for assesslng the charitable company's abllity to
continue as a going concern, discloslng, as applicable, matter5 related to going concern and using the going concern
basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or
have no reallstlc alternative but to do so.
Page 9

REPORT OF THE INDEPENDENT AUDITORSTOTHE MEMBERS OF
THE POLISH INSTITUTE AND SIKORSKI MUSEUM
Our responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurante about whether the financial statements a5 a whole are free from
materi31 misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that
includes our opinion. Reasonable assurance is a high level of assurance, but 15 not 3 guarantee that an audit
conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can
arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these financial statements.
The exteTrt to which our procedures are capable of deterting IrreEularltles. Including fraud
Irregularitles. Includlng fraud, are Instances of non-compllance with laws and regulations. We design procedures in
Ilne wlth our respon5Ibllltle5, Outllned above, to detect material misstatements In respect of irregularitles, including
fraud. The extent to which our procedures are capable of detecting Irregularltles, Including fraud is detaSled below.
As part of our plannlng of the audlt work requlred we obtalned an understanding of the legal and regulatory
framework5 that ore appllcable to the entity via enqulries of the company's management, carried out analytical
procedures, held discussions amongst the engagement team and using knowledge of the sector determined that the
most significant laws and regulation are those that relate to..
Health and safety regulations.
Employrnent law IncludSng rlght-to-work Sn the UK,
Charities Act.
We also considered those laws and regulations that have a direct impact on the preparation of the financial
statement5 such as Charities SORP, FRS102 and the Companies Act 2006.
Based on the results of our rlsk assessment we designed our audit procedures to identify nor*-compllance with the
law5 and re8ulation5 and the fraud r15k5 Identlfled. Thls Included enquiries wlth management to understand thelr
pollcles and procedures for compllance wlth those regulatlons and we completed the following tests..
Obtained an under5tandin8 of relevant controls.
Reviewed the company's risk assessments, procedures and systems.
Checked samples of documentation.
Checked sample5 of documentation including minutes of the meetings of the trustees and service agreements with
regulatory advisors.
We also assessed the risk5 of rnaterial mi55tatement in respect of fraud as follows:
• Revenue fraud.
Unauthorised expenditure and/or payment5.
Management override of controls.
Manlpulation of accountlng estlmates,
Related party fraud.
Based on the results of our risk assessment we designed our audit procedures to identlfy and to address material
mlsstatements In rElation to fraud. This included the risk of management blas relating to judgements and
assumptions used in the valuing the investment properties.
No significant Issues were identified dvring our te5tin8.
There are inherent lirnitation5 in the audit procedures described above and the primary responsibility for the
prevention and detection of irregularities including fraud rests with management. A5 Wlth any audit, there remained a
i-isk of non
detection of irregularities, as these could involve Collusion, forgery, intentional omi55ion5,
misrepresentations or the override of internal control5.
A further description of our responsibilities for the audit of the financial statements is located on the Financial
Reporting Council's web51te at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of
the Independent Auditors.
Page 10

REPORT OFTHE INDEPENDEKf AUDfTORS TOTHE MEMBERS OF
THE POLISH INSTITUTE AND SIKORSKI MUSEUM
Use of our report
Thls report Is made solely to the charitsble company's members. as a body. In accordance wlth Chapter 3 of Part 16 of
the Companles Act 2006. Our audit work has been undertaken so that we mlght stste to the charitable company's
members those matters we are requlred to state to them in an auditors. report and for no other purpose. To the
fullest exient permitted by law, we do not accept or assume responsibllity to anyone other than the charltable
ompany and the tharrtable company's member5 a5 a b)dy. for our audit work, for this report or for the opinlon5 we
have formed.
Nigel
alfisz FC4 Isenior Statutory Audltorl
for and on behalf of MGR Weston Kay LLP
Statutory Auditors
55 Loudoun Road
Stjohn's Wood
London
NW8 ODL
Date: 18 September 2025
Page 11

THE POLISH INSTITUTE AND SIKORSKI MUSEUM
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2024
31.12.24
Total
funds
31.12.23
Total
funds
Unrestrlcted
funds
Restricted
fund
Notes
INCOME AND ENDOWMENTS FAOM
Donations and legacies
241,566
241,566
54,412
Charltable activlties
Charitable artivities
74.689
188,468
263,157
236,317
Investment Income
450,690
450.690
291,995
Total
766,945
188,468
955,413
582,724
EXPENDITURE ON
R0i5in8 funds
55,246
55,246
46,781
Charltable activltie$
Charitable activltles
Support Costs
Governance Cost5
479,296
24.406
22,185
188,468
667,764
24,406
22,185
585,422
15,033
18,082
Total
581,133
188,468
769,601
665.318
Net galnslllossesl on Investments
1102,4511
1102,4511
337.958
NEf INCOME
83,361
83,361
255.364
RECONCIUATION OF FUNDS
Total funds brought forward
9,201,388
9,201,388
8.946,024
TOTAL FUNDS CARRIED FORWARD
9,284,749
9,284.749
9,201,388
The notes form part of these flnancial statements
Page 12

THE POUSH INSTITirfE AND 51KOR5KI MUSEUM
BALANCE SHEET
31 DECEMBER 2024
31.12.24
Total
funds
31.12.23
Totsl
funds
Unre5trlcted
funds
Restrlrted
fund
Notes
FIXED ASSETS
Tanglble assets
Investments
Investment5
Investment property
14
107,493
107,493
108,553
15
16
5,138,254
3,730,000
5,138,254
3,730,000
4,977,542
3,730.¢XJO
8.975,747
8,975,747
8,816,095
CURRÉNT ASSETS
Debtors
Investment5
Cashatbank
17
40,245
186,444
137,149
40.245
186,444
137,149
49,853
196,444
166,427
363,838
363,838
412,724
CREDITORS
Amounts fallln8 due wlthln one year
19
154,8361
{54,8361
{27,4311
NET CURRENT ASSErs
309,002
309,002
385,293
TOTAL ASSETS LE55 CURRENT LIABILITIES
9,284,749
9.284,749
9,201,388
NET ASSETS
9,284,749
9,284,749
9,201,388
FUNDS
Unrestrlcted funds:
General unrestrlcted funds
Revaluatlon reserve
20
7,670,572
1,614,177
7,587,211
1,614,177
9,284,749
9,201,388
TOTAL FUNDS
9,284,749
9,201,388
The flnanclal statement5 were approved by the Board of Trustees and authorlsed for Issue on 4 September 2025 and
were 55gned on Its behalf bv..
I rustee
The notes form part of these financial statement5
Page 13

THE POLISH INsrrruTE AND SIKORSKI MUSEUM
CASH FLOW sfATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
31.12.24
31.12.23
Notes
Cash flows from operatlng activitles
Cash generated from operations
227,090
185.3631
Net cash provided byllused inl operating artivities
227.090
185,3631
Cash flows from investlng artlvltles
Purchase of tangible flxed 355ets
Purchase of flxed asset Investments
Sale of flxed asset investments
Proceeds from current a55et investments
Interest received
16,495)
12,674,604)
2.411,441
10,000
3,290
11,1361
1195,0371
171,303
2,470
Net cash used in investing activlties
1256,3681
122.3561
Chan8e In cash and cash equlvalents In the
reportlng perlod
G75h and cash equlvalents at the beglnnlng
of the reportlng perlod
129.2781
1107,7191
166,427
274,146
Cash and cash equlvalents at the end of
the reportln8 period
137.149
166.427
The notes form part of these financial 5taternent5
Page 14

THE POLISH INSTrruTE AND SIKORSKI MUSEUM
NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
RECONCIUATION OF NET INCOME TO NET CASH FLOW FROM OPERATING AcTIV￿lEs
31.12.24
31.12.23
Net Incorne for the reportlng period la5 per the Statement of Flnanclal
Actlvlties)
Adlustments for:
Depreciation charges
Losses/lgalnl on investments
Interest recelved
Decrease/lincreasel in debtors
Increase/ldecreasel In creditors
83,361
255,364
7,555
102,451
13,2901
9,608
27,405
7.673
1337.9581
12,4701
15,2831
12,689)
Net cash provlded by/{used Inl operatlons
227.090
{85,3631
ANALYSIS OF CHANGES IN NEf FUNDS
At 1.1.24
Cash flow
At 31.12.24
Net cash
Cash at bank
166,427
129,2781
137,149
166,427
{29.2781
137,149
Llquld resources
Deposits included in cash
Current asset Investments
196.444
{iO,CKhJl
186,444
196,444
iio.0001
186,444
Total
362,871
139,2781
323,593
The notes form part of these flnancial Statements
Page 15

THE POLISH INSTITUTE AND SIKORSKI MUSEUM
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
ACCOUNTING POUCIES
Basls of preparlng the flnancial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been
prepared in accordance with the Charities SORP IFRS 1021 'Accounting and Reporting by Charities: Statement
of Recommended Prattice applicable tD charities preparing their accounts in atcordance with the Financial
Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191,. Financial
Reporting Standard 102 'The Financlal Reporting Standard applicable in the UK and Republic of Ireland, and the
Companies Act 2006. The financlal statements have been prepared under the historical cost convention. with
the exception of investments which are Included at market value. as modifled by the revaluatlon of certain
assets.
Goln£ Concern
The Trustee consider that there are no material uncertalntles regarding the Charlty's abS1ity to continue as a
golng concern and have prepared these financial statements on this basis. This Is supported by a large range of
assets held by the Charity.
Incoming resources
Income15 accounted for on a receivable basis. The charityls not VAT registered.
Income from donations Is recogn15ed when receivable where possible, and when the charity's entitlement to
receipt becomes uncondltion31.
Income from legacies is recognlsed when there has been grant of probate, there ore sufficient assets in the
estate and evldence of entitlement has been received.
Investment Income comprises rent recelvable on investment propertie5, income from listed Investments and
interest on cash at bank and short term deposits. Rent recelvable is accrued on a day to day basis. interest on
deposits is accounted for on an accruals basis and other investment income is credited 35 declared.
Grant income is recognised when there is evldence of entitlement to the grant, recelpt Is probable and it can
be measured reliably.
Income is allocated to restricted income when It is glven by the donor or grant maker for specific purposes.
Resources expended
All resources expended are accounted for on an accruals basis.
Costs of generatlng funds are those associated wlth rental and Investment income.
Charitable actlvltles include costs of servlce5 and support costs and depreciation on related assets.
Governance cost5 are those associated with constitutional and statutory requirements,
Property. plant and equipment
Depreciation is provided at the following annual rates in order to write off each osset over its estimated useful
life.
Fixtures and fittings
IO% on reducing balance
Property, plant and equipment are initially measured at C05t and subsequently Measured at cost or valuation.
net of depreciation and any impairment losses.
Page 16
continued...

THE POUSH INSTrruTE ANO SIKORSKI MUSEUM
NOTES TO THE FINANCIAL STATEMENT5- continued
FOR THE YEAR ENDED 31 DECEMBER 2024
ACCOUNTING POLICIES- continued
Property. plant and equlpment
The gain or loss arisin8 on the disposal of an asset is determined as the difference between the sale proceeds
and the carrying value of the asset, and is reco8nised in the statement of financial activities .
Freehold properties are stated at cost. They have not been depreciated because in the opinion of the Trustees,
their current value is significantly in excess of the value at which they are Included in the Balance Sheet.
Investrnent properties
Investment properties, whlch are propertles held to earn rentals and/or for capltal appreciation, are measured
using the falr value model and stated at their estimated fair values as the reportlng end date as determined by
the Trustee5. There 15 no depreciation charged on investment properties. The surplus or deficit on revaluation
is recognised in the statement of flnancial activities
Fixed and current asset Investments
Investment5 are initially recognised at their transaction value and subsequently measured at their market
value as at the balance sheet date using the c105ing quoted market price. The statement of financial activities
Include5 the net gains ond1055e5 ari5in8 on revaluatlon and disposals throughout the year.
Investments have been classified a5 current if the funds are available on demand or at notice,
Impalrment of non-current a￿ets
At each reporting end date, the Institute reviews the carrylng amounts of it5 tan8ible to determine whether
there 15 any indication that those assets have suffered an impairment loss. If any such indlcatlon exists, the
recoverable amount of the asset is estimated in order to determlne the extent of the Impalrment loss lif any).
Cash and cash equfvalents
Cash and cash equivalent5 include cash in hand, deposlts held at call wlth banks and bank overdraft5. 8ank
overdrafts are shown within borrowings In current liabilitie5
Flnantlal Instruments
The Institute has elected to apply the provlslons of Section 11 'Basic Financial Instruments, and Sectlon 12
'Other Flnanclal Instruments Issues. of FRS 102 to all of it5 financial instruments.
Financial instwments are recognised in the Institute's balance sheet when the Instltute becomes party to the
contractual provisions of the instrument.
Flnanclal assets and Ilabllltles are offset, wlth the net amounts presented in the flnanclal statements. when
there 15 a legally enforceable rlght to Set off the reco8nlsed amounts and there is an Intention to settle on a net
ba51s or to reallse the asset and settle the Ilability simultaneously
Credltors
Creditors are recognised where the charity has a present obligation resulting from a past event that will
probably result in the transfer of funds to a third party and the amount due to settle the obligation can be
measured or estimated reliably. Creditors are normally recognised at their Settlement amount.
Taxation
The charity is exempt from taxation on it5 activities because all its income is applied for charitable purposes.
Charitable funds
Unrestricted funds can be used in accordance with the charitable objettives at the discretion of the trustees.
Page 17
continued..-

THE POLISH INSTITUTE AND SIKORSKI MUSEUM
NOTES TO THE FINANCIAL sfATEMENTS- continued
FOR THE YEAR ENDED 31 DECEMBER 2024
ACCOUNTING POLICIES- continued
Charitable funds
Restricted funds can only be used for particular restricted purp05e5 Wlthin the objects of the charlty.
Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial
Statements.
Foreign currencles
Assets and liabilities in foreign currencies are translated Into sterling at the rates of exchange ruling at the
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange
ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating
result.
Émployee beneffts
The c05t of any unused holiday entltlement Is recognlsed In the perSod In whlch the employee's services are
recelved.
Termination benefits are recognised immedlately as an expense when the Instltute is demonstrably committed
to termlnate the employment of an employee or to provide termination benefits.
Herlta8e assets- archlve5, Ilbrarle5 and Museum collertlons
The Museum has not capltallsed heritage a55et5. This 15 because a comprehenslve valuatlon would not provlde
a meanlngful flgure for users of the financial statements and the cost of doing so is not commensurate with
benefits to the users ot the financl31 statements.
Historlc cost- while It may be possible to aSSl8n a cost to Items purchased withln a flnancial year, historlc costs
quickly becomes obsolete and meaningless, not only because of general price movements where markets for
slmllar Items do exist. but also because of changing opinions about attribution and authenticity, subsequent
research into oblects that reveals new value, the emergence of new information about the provenance of an
Item or changes in taste.
Valuation - attempting to value heritage assets acqulred historically raises a number of further conceptual
concerns. Valuation of heritage a55ets is complicated by the nature of many such a55ets. They are rarely 501d
and often have 3 value enhanced above the intrinslc through their a550Clation with o person, event or
collection,. there are a very limited number ot buyer5,' no homogeneous population ot assets on the market:
and imperfect Informatlon about the items for sale. In contrast with many commercial assets, therefore, there
15 seldom an active market to provlde indicative values of similar objetts. This makes materially accurate
valuation5 impossible to achieve for many heritage assets.
Page 18
continued..

THE POUSH INSTITUTE AND SIKORSKI MUSEUM
NOTES TO THE FINANCIAL STATEMENTS- contlnued
FOR ThE YEAR ENDED 31 DECEMBER 2024
CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAIKrY
In the application of the Institute's accounting policies, the Member5 of Council are required to make
judgements, estimates and assumptions about the carryin8 amount of assets and liabilities that are not readily
apparent from other sources. The estimates and associated assumptions are based on historical experience
and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlylng assumptlons are reviewed on an ongolng basls. Revisions to accountlng
estimates are reco8nlsed in the period in whlch the estimate Is revised where the revlslon affects only that
period. or In the period of the revision and future periods where the revlslon affects both current and future
periods.
Valuatlon of Invertment propertles
As described in note 16 to the financial statements, Investment propertles are stated at fair value. The trustees
used observable market price5.
DONATION5 AND LEGACIES
31.12.24
Total
funds
31.12.Z3
Total
funds
Unrestricted
funds
Restrlrted
funds
Donation5
Le8acles
61,621
179,945
61,621
179,945
24,153
30.259
241.566
241,566
54,412
INVESTMENT INCOME
31.12.24
Totsl
fvnds
31.12.23
Total
funds
Unrestrirted
funds
Restrlcted
fvnds
Rental Income
Income from listed investments
Interest receivable
144,093
303,307
3,290
144,093
303,307
3,290
132,613
156,912
2,470
45U,bYU
45U,bYU
291,995
Page 19
continued.

THE POLISH INSTITUTE AND SIKORSKI MUSEUM
NOTES TO THE FINANCIAL STATEMENTS- contlnued
FOR THE YEAR ENDED 31 DECEMBER 2024
INCOME FROM CHARITABLE ACTivmES
31.12.24
31.12.23
Artivity
Income from charitable
adivities
Non - performance related
grants
Charitable activities
74,689
53,359
Charitable actlvltles
188,468
182,958
263,157
236,317
RAISING FUNDS
Investment management costs
31.12.24
Total
funds
31.12.23
Total
funds
Unrestrlcted
fund5
Restrlcted
funds
Investment management costs
Costs of 8eneratlng rental income
32,238
23,008
32,238
23.1)J8
24,990
21,791
55,246
55,246
46,781
CHARITABLE AcfiviTIES COST5
Dlrect
Costs (see
note 8)
Support
costs {see
note gi
Totals
Charitable activities
Support Costs
Governance Costs
667.764
667,764
24,406
22,185
24.406
22,185
667,764
46,591
714,355
Page 20
continued...

THE POLISH INSTITUTE AND SIKORSKI MUSEUM
NOTES TO THE FINANCIAL STATEMENTS- Continued
FOR THE YEAR ENDED 31 DECEMBER 2024
DIRECT COSTS OF CHARITABLE ACTIVITIES
31.12.24
31.12.23
Staff costs
Rates
Insurance
Light and heat
Postage and stationery
272,944
31,661
43,479
19,833
5,155
221,952
28,423
39,817
20,789
5,515
k 11
Advertising
Repairs and maintenance
Archlve Ilbrary costs
Foreign exchange gain or loss
Dlgitisation and publishing
Depreciatlon
28,612
45.221
23,582
1,254
188,468
7,555
6,018
32.071
43,708
13,5021
182,958
7,673
667,764
585,422
SUPPORT COSTS
Governance
costs
Flnance
Other
Totals
Support Costs
Governance Costs
892
23,514
24.406
22,185
22,185
892
23,514
22,185
46,591
Support Costs, included in the above, are a5 follows:
31.12.24
Total
actlvltles
31.12.23
Total
rtlvStles
Support
Costs
Governance
Costs
Bank charges
Telephone
Sundries
Car and travel
Health and safety expense
Computer expenses
Auditor5, remuneratlon
Auditors, remuneration for non audit work
Legal fees
892
8,041
4,395
1,249
2,377
7,452
892
8,041
4,395
1,249
2,377
7,452
16,800
1,200
4,185
808
7,263
2,861
4,101
16,800
1,200
4,185
14,400
3.682
24.406
22,185
46,591
33,115
Page 21
continued..

THE POLISH INSTITUTE AND SIKORSKI MUSEUM
NOTES TO THE FINANCIAL STATEMENTS- contlnued
FOR THE YEAR ENDED 31 DECEMBER 2024
io.
INCOMEI{EXPENDtfuRE)
Net income/lexpenditurel is stated after charging/{creditingl'.
31.12.24
31.12.23
Depreciation - owned assets
7.555
7,673
ii.
AUDITORS. REMUNERATION
31.12.24
31.12.23
Fees payable to the charlty's audltors and their associates for the audit of
the charity's financial statements
Other non-audlt services
16,800
1,200
14.400
12.
TRUSTEES, REMUNERATION AND BENEFITS
No members of counc51 received any remuneration during the current year or prior year.
In the current year, no members of council received remuneration12023: one member of council received
£11,310 relatlng to work they completed In relatlon to the scanning project. The member of councll donated
the whole amount back to the charity during the year ended 31 December 20241.
Also, during the year, three members of council recelved relmbursement of travel, 5ubs1stence and other
expendlture amounting to £2,87912023: £1,113).
EMPLOYMENT COSTS
31.12.24
31.12.23
Wages and salarles
Social security costs
Other pension costs
248,236
18.393
6,315
206,025
11,029
4,898
272,944
221,952
The average monthly number of employees durin8 the year was as follows:
31.12.24
li
31.12.23
io
Admlnistrotlve
No employees received emoluments in excess of £60.000,
Page 22
continued..-

THE POUSH INSTITUTE AND SIKORSKI MUSEUM
NOTES TO THE FINANCIAL STATEMENTS- contltr)ued
FOR THE YEAR ENDED 31 DECEMBER 2024
14.
TANGIBLE FIXED ASSETS
Flxtures
Land and
bulldlngs
flttin8S
Totals
COST
At l January 2024
Addition5
39,505
237,661
6,495
277,166
6,495
At 31 December 2024
39,505
244,156
283.661
DEPRECIATION
At l January 2024
Charge for year
168,613
7,555
168.613
7,555
At 31 December 2024
176,168
176,168
NET BOOK VALUE
At 31 December 2024
39,505
67,988
107,493
At 31 December 2023
39.505
69,048
108.553
15.
FIXED Ass￿ INVESTMENTS
Llsted
Investments
MARKET VALUE
At l January 2024
Additions
Disposals
Revaluations
4,977.542
2,674,604
12,372,4(N)I
1141.4921
At 31 December 2024
5,138.254
NET 800K VALUE
At 31 December 2024
5,138,254
At 31 December 2023
4.977.542
There were Investment a55etS Wlthin the UK and outside the UK.
Page 23
continued...

THE POLISH INSTITUTE AND SIKOR5KI MUSEUM
NOTES TO THE FINANCIAL STATEMENTS- contlnued
FOR THE YEAR ENDED 31 DECEMBER 2024
16.
INVESTMENT PROPERTY
FAIR VALUE
At l January 2024
and 31 December 2024
3,730,000
NET BOOK VALUE
At 31 December 2024
3,730,000
At 31 December 2023
3.730,000
17.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24
31.12.23
Other debtors
Prepayments and accrued Income
24,211
16,034
13,011
36,842
40,245
49,853
18.
CURRENT ASSET INVESTMENTS
31.12.24
31.12.23
Other Investments
186,444
196,444
19.
CREOITOR5: AMOUNT5 FALLING DUE WITHIN ONE YEAR
31.12.24
31.12.23
Soclal securlty and other taxes
Other creditors
Accrua15 and deferred income
28,442
5,603
20,791
3,794
5.814
17,823
54,836
27,431
20.
MOVEMENT IN FUND5
Net
rnovement
in lunds
At
31.12.24
At 1.1.24
Unrestrlcted funds
General unrestricted funds
Revaluation reserve
7,587,211
1,614,177
83,361
7,670,572
1,614,177
9,201,388
83,361
9,284,749
TOTAL FUNDS
9,201,388
83,361
9.284,749
Page 24
continued...

THE POUSH INSTITUTE AND SIKORSKI MUSEUM
NOTES TO THE FINANCIAL STATEMENTS- contlnued
FOR THE YEAR ENDED 31 DECEMBER 2024
20.
MOVEMENT IN FUNDS- continued
Net movement in funds, included in the above are as follows:
Incomlng
resources
Resources
expended
Galns and
1055es
Movement
In funds
Unrestrlrted funds
General unrestricted funds
766,945
1581,1331
1102,4511
83,361
Restrlcted funds
Scanning and archiving grants
188,468
1188,4681
TOTAL FUNDS
955,413
1769,6011
1102.4511
83,361
Comparatlves for movement In funds
Net
movement
In tunds
At
31.12.23
At 1.1.23
Unrestrl¢ted fund5
General unrestricted funds
Revaluation reserve
7,331,847
1,614.177
255,364
7,587,211
1,614.177
8,946,024
255,364
9,201,388
TOTAL FUNOS
8.946.024
255,364
9.201,388
Comparative net movement In funds, included In the above are as follows:
Incoming
resources
Resources
expended
Gilns and
losse$
Movement
Sn fvnds
Unrestrlrted funds
General unrestrlcted funds
399,766
1482,3601
337,958
255,364
Restrlcted funds
Scanning and archlvlng grants
182,958
1182,9581
TOTAL FUNDS
582,724
1665,3181
337,958
255.364
Unrestrirted funds
The unrestricted funds of the charity comprise the unexpended balances of donation5 and grants which are
not subject to specific conditions by donors and 8rantors as to how they may be used. These include
designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
Page 25
contlnued...

THE POLISH INSTITUTE AND SIKORSKI MUSEUM
NOTES TO THE FINANCIAL STATEMENTS- contlnued
FOR THE YEAR ENDED 31 DECEMBER 2024
20.
MOVEMENT IN FUNDS- continued
Restricted funds
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust
subject to specific conditions by donors as to how they may be used. The restricted fund represents the grant
from Polish Cultural Ministry received by the charity for specific scanning and archivlng projects.
21.
FINANCIAL COMMITMENTS. GUARANTEES AND CONTINGENT LIABILITIES
There is a contlngent liability to repay the Polish Trustee Association all or part of a bequest of £64,393 12023:
£64,393) if other clalmants on the estate were to come forward. No security has been provided against th15
22.
RELATED PARTY DISCLOSURES
There were no dlsclosable related party transactions durlng the year12023 - none).
Page 26